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Municipal Income Funds: Percentage of interest income subject to AMT

The alternative minimum tax (AMT) was created for taxpayers who are eligible for certain tax deductions from their adjusted gross income. With the AMT, many deductions and credits normally allowed are eliminated for specific taxpayers. The Tax Cuts and Jobs Act eliminated the corporate AMT for tax years beginning after Dec. 31, 2017.

A shareholder who is an individual can determine if the AMT applies to him or her by completing the AMT calculation on IRS Form 6251. The instructions for Form 6251 will assist shareholders with calculating their AMT. A percentage of the income earned on the tax-exempt funds may be subject to the AMT. The information below is for calendar year 2018.

Fund

Percentage of interest income
subject to AMT for 2018

Delaware Investments® Colorado Municipal Income Fund, Inc.

2.63%

Delaware Investments® National Municipal Income Fund

8.00%

Delaware Investments® Minnesota Municipal Income Fund II, Inc.

7.99%

Source: Delaware Funds® by Macquarie

The information contained in this section is not intended to be legal or tax advice. If you need assistance preparing your tax return, please consult a tax advisor.

Information may be abridged and therefore incomplete. Any discussion pertaining to taxes in this communication (including attachments) may be part of the promotion or marketing of a product. Advice (if any) related to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code. Individuals should seek advice based on their own particular circumstances from an independent tax advisor.

Delaware Distributors, L.P. ("DDLP") has filed this material in connection with FINRA Rule 2210. DDLP does not currently act as distributor for Delaware Investments® Dividend and Income Fund, Inc., Delaware Enhanced Global Dividend and Income Fund, Delaware Investments® National Municipal Income Fund, Delaware Investments Colorado Municipal Income Fund, Inc., or Delaware Investments Minnesota Municipal Income Fund II, Inc.

Open-end funds are distributed by Delaware Distributors, L.P. (DDLP), an affiliate of Macquarie Investment Management Business Trust and Macquarie Group Limited. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group Limited and its subsidiaries and affiliates worldwide.

Other than Macquarie Bank Limited (MBL), none of the entities noted are authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.